Cohousing-L Mailing List: Re: Home Purchasing Credits

[Elizabeth Magill (pastorlizm]

On the first home I bought (in Maryland) I borrowed $1000 downpayment from my 
parents and went from paying $950 per month in rent to paying $850 for the 
mortgage. That was BEFORE including the rebate I got on my taxes from the 
mortgage interest deduction.

On the second home I bought (in cohousing yippee!!) I put down $80,000 and the 
home is now worth less than my 80% mortgage. (Yes, I timed it perfectly with 
the latest mortgage crisis). I went from paying $1000 per month in rent to 
$2500 per month.

I'm not a fan of deciding on whether other folks decision are "responsible" but 
surely the no downpayment one was not the greater irresponsibility!!!

And I don't regret my decision, cohousing is more than worth the cost.

-Liz
Elizabeth Magill
www.mosaic-commons.org
Just five homes remaining in Berlin, MA!!! 
(You must be able to put 3% down of your own money to qualify: 
www.sawyerhill.org/40B )


On Aug 17, 2012, at 12:37 PM, Sharon Villines wrote:

> 
> The important point is that having a downpayment is not what determines 
> whether a buyer is capable of making a mortgage payment or being a good 
> cohousing community member.
> 
> Sharon
> ----
> Sharon Villines
> Takoma Village Cohousing, Washington DC
> http://www.takomavillage.org
>